Leemanz chap 6 RQ

Leemanz chap 6 RQ - transaction 6 What is meant by the...

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Zachary leeman Chap 6 1. What is double-entry accounting? Double entry accounting is a bookkeeping process in which every business transaction affects two or more accounts. 2. What is bookkeeping accounting? Bookkeeping accounting is an individual record for each account a business uses to record its business transactions. 3. What is a chart account? A chart account is a table of contents listing every authorized bookkeeping account in the accounting system. 4. What is a general ledger? A general ledger is a term that refers collectively to all the bookkeeping accounts. 5. What are three basic questions applied in analyzing a business transaction? The three question affected are Which two or more bookkeeping accounts are affected? What are the account classifications of these bookkeeping accounts? Is the balance of the bookkeeping account increased or decreased by this business
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Unformatted text preview: transaction. 6. What is meant by the equality of debits and credits? It means that the sum of the debits equals the sum of the credits. 7. With the exception of contra accounts, a debit will increase which of the five classifications of accounts? A debit will increase an asset or a expense. 8. With the exception of contra accounts, a credit will increase which of the five classifications of accounts? A credit will increase a liability, OE, or revenue. 9. What is a contra account? A contra account is a bookkeeping accounts that have a contrary or reverse effect in their account classification. 10. What is meant by normal account balance? A normal account balance is the account balance that is expected....
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